Gaw Capital Partners bought the Standard High Line Hotel in 2017
In today’s roundup of regional news headlines, Hong Kong’s Gaw Capital Partners staves off a foreclosure suit tied to its stilt-supported Manhattan hotel, and ESR wraps up construction of an industrial park in Suzhou.
Gaw’s Standard High Line Hotel in Manhattan Escapes $170M Foreclosure
An iconic hotel above New York City’s High Line has avoided the axe.
On Monday, Wells Fargo dropped a two-year-old, $170 million foreclosure suit against Hong Kong-based Gaw Capital Partners’ Standard High Line Hotel at 848 Washington Street. The bank, acting on behalf of bondholders who own the loan, had on 1 June given Gaw until July to respond to legal filings as the parties negotiated a settlement, according to court documents. Read more>>
ESR Completes Manufacturing and Supply Chain Industrial Park in Suzhou
ESR has completed construction of a high-end manufacturing and supply chain industrial park in Jiangsu province’s Suzhou.
With a gross floor area of 107,017 square metres (over 1.1 million square feet) and land area of 95,667 square metres, ESR Suzhou Zhangjiagang High-End Manufacturing and Supply Chain Industrial Park is located at Zhangjiagang in the Yangtze River Delta Economic Zone. Read more>>
Hong Kong Tycoons Race to Cut Debt With $8.4B in Asset Sales
Swire Pacific became the second notable Hong Kong company to announce plans to offload assets in as many days as part of efforts to reduce debt in the face of rising borrowing costs.
The family-owned conglomerate announced late Wednesday that it would sell its US beverages business to its controlling shareholder, John Swire & Sons, for $3.9 billion. The deal came a day after the billionaire Cheng family announced a similarly structured $4.5 billion deal to buy a unit owned by builder New World Development. Read more>>
S$1 Billion Bids for Prime Land Show Singapore’s Property Market Is Still Hot
Two state land plots in Singapore offered for private housing and commercial use each fetched billion-dollar bids from developers, signalling continued robust demand in the property market amid cooling measures and recession fears.
Chinese developer Kingsford and two partners put in the leading bid of S$1.03 billion ($763 million) for the Marina Gardens Lane site, according to a statement from the Urban Redevelopment Authority on Tuesday. The land parcel is located next to some of the city-state’s prime attractions, including Gardens by the Bay and Marina Barrage. Read more>>
Hong Kong Investors Expanding Global Reach
Cushman & Wakefield participated at the Mingtiandi Hong Kong Focus Forum held at the Sheraton Hong Kong Hotel & Towers on Tuesday.
Francis Li, international director and head of capital markets for Greater China, represented the firm to share his experiences and views on Hong Kong’s role in global capital markets at the event’s keynote panel, together with fellow panellists from Link REIT, APG Asset Management and WeWork Greater China. Read more>>
China to Explore Housing Pension System, Improve Residential Quality: Minister
China’s housing minister has emphasised the need to improve the quality of housing and explore a housing pension system.
Ni Hong, minister of Housing and Urban-Rural Development, called on the financial institutions to participate in urban construction and renovation, promoting the creation of livable, intelligent and resilient cities, news outlet ChinaJSB.cn reported Tuesday. Read more>>
GuocoLand Secures Green Refinancing for Singapore’s Guoco Tower
GuocoLand has secured a S$974 million ($720 million) green club facility from DBS Bank, United Overseas Bank (UOB), Oversea-Chinese Banking Corporation (OCBC) and Sumitomo Mitsui Banking Corporation for the refinancing of the commercial component of Guoco Tower.
This is GuocoLand’s largest green facility to date, the property group said on June 28. The loan was raised under its new Green Finance Framework, which gives GuocoLand and its subsidiaries access to various fundraising options linked to “eligible green projects”. Read more>>
GMK Deal Expands Frasers’ Melbourne Industrial Estate
Frasers Property Industrial is to add more than 27,000 square metres (290,626 square feet) to its giant North Melbourne industrial estate after securing a new 10-year lease with a long-standing customer.
Under the deal, flooring supplier GMK Logistics will get a 26,407 square metre warehouse and a 1000 square metre, two-storey office within Frasers’ 63.4 hectare (156.7 acre) 4Ten Epping estate. Read more>>
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